Wayfair (W) Misses Q2 EPS by 4c, Revenues Slightly Beat
Wayfair (NYSE: W) reported Q2 EPS of ($0.77), $0.04 worse than the analyst estimate of ($0.73). Revenue for the quarter came in at $1.66 billion versus the consensus estimate of $1.6 billion.
Second Quarter 2018 Financial Highlights
- Direct Retail net revenue, consisting of sales generated primarily through Wayfair’s sites, increased $538.5 million to $1.6 billion, up 48.8% year over year
- Gross profit was $385.0 million or 23.3% of total net revenue
- GAAP net loss was $100.7 million
- Adjusted EBITDA was $(34.8) million or (2.1)% of total net revenue
- GAAP basic and diluted net loss per share was $1.13
- Non-GAAP diluted net loss per share was $0.77
- Non-GAAP free cash flow was $(7.5) million
- At the end of the second quarter, cash, cash equivalents, and short-term and long-term investments totaled $585.2 million
"We are pleased to report a record second quarter and our largest yet year-over-year dollar growth in Direct Retail net revenue. This recent quarter included our biggest revenue day in the history of the company as we introduced Way Day, the first-ever retail holiday for home," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "Our long-term investments in further developing our logistics networks, international business, and in scaling headcount to improve our product and service offerings are resonating strongly with new and returning customers. By focusing on bringing customers the best possible experience in shopping for the home, from the home, we are leading the way in our category. We are delighted with the progress that we are making and the way in which we are positioned to keep taking market share as dollars shift online."
For earnings history and earnings-related data on Wayfair (W) click here.